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PNB MetLife Mera Term Plan

One of the foremost life insurers in India, PNB MetLife is a collaboration between MetLife International Holdings Inc., Punjab National Bank Limited, Jammu and Kashmir Bank Limited, M.Pallonji and Company Private Limited and other private investors. PNB MetLife India Insurance Co.Ltd has its headquarters in Bengaluru and its corporate office in Gurgaon. It was founded in the year 2001 in India. This company offers a wide range of products for protection and retirement.

PNB MetLife Mera Term Plan is a non-linked, non-participating term insurance plan.

Life is too unpredictable. To secure your family's comfort and dreams in your absence, PNB MetLife Mera Term Plan is highly recommended. It is a tailor-made protection plan that gives you the flexibility to select from four sum assured payout options. Not only this, PNB MetLife Mera Term Plan would offer coverage to your spouse in the same existing term plan. This is an online pocket-friendly plan.

Features of PNB MetLife Mera Term Plan

The features of the PNB MetLife Mera Term Plan are mentioned below:

  • Offers financial security to your loved ones in your absence.
  • Offers 4 sum assured pay out options to select from either full lump sum payout, payout as lump sum + Regular monthly income, Payout as lump sum + Increasing Monthly. Income and Payout as Lump sum + Regular Monthly Income till your child turns 21.
  • Offers you the flexibility to choose your term plan between 10 to 81 years (40 years for joint life cover).
  • Offers tax benefits under the Section 80C and 10(10 D) under the Income Tax Act.
  • Offers coverage to your spouse in the same plan.

Offers riders like accidental death benefit rider, accident disability benefit rider, critical illness rider and serious illness rider, at very affordable rates to enhance your base term plan.

Benefits of PNB MetLife Mera Term Plan

The benefits of the PNB MetLife Mera Term Plan are mentioned below:

  • Death benefit: On the death of the insured, PNB MetLife Insurance Company would pay your nominee the sum assured provided the policy is in force and active. PNB MetLife Mera Term Plan offers you options of 4 types of death benefits:

    • Lump Sum option: Offers your nominee the basic sum assured in lump sum as specified in the policy schedule in case of an uncertainty.
    • Family Income option: Offers the nominee 50% of the basic sum assured in a lump sum form and the balance amount in level monthly installments for 10 years.
    • Increasing Family Income option: Offers the nominee 50% of the basic sum assured in a lump sum amount and an increasing monthly income for next 10 years @12% per annum.
    • Child benefit option: Offers lump sum payout equal to 50% of claim amount in the event of death plus regular level monthly income till your child turns 21 years.
  • Flexibility: Offers you flexibility to select between your policy term from 10 to 81 years (40 years for life cover option).

  • Joint Life Coverage: Offers an option to add your spouse to this plan. The coverage offered to spouse shall be equal to 50% of the Sum Assured chosen by the policyholder subject to a maximum of Rs. 50 lacs.

  • Convenience: Offers convenience to make the premium payments through online and offline modes.

  • Life Stage benefit: Offers life stage benefit by giving an option to increase the sum assured under the below situations. This option is however not available in case you opt for a joint life cover.

    • On your marriage: Offers an increase equal to 50% of the sum assured to a maximum of Rs.50 lakh.
    • On the birth of your first child: Offers an increase equal to 25% of the original sum assured to a maximum of Rs.25 lakh.
    • On the birth of your second child: Offers an increase equal to 25% of the original sum assured to a maximum of Rs.25 lakh.
  • Maturity benefit: This plan doesn’t offer any maturity benefit.

  • Tax benefits: Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.
  • Premium payment: Offers convenience and flexibility to pay the premiums for this plan either monthly or annually for regular and limited premium paying term.

Eligibility Criteria of PNB MetLife Mera Term Plan

The eligibility criteria for buying the PNB MetLife Mera term plan is mentioned below:

Entry AgeMinimum - 18 yearsMaximum – 65 years
Policy Term AgeMinimum - 10 yearsMaximum - 81 years
40 years (only Joint Life Cover)
Maturity AgeMinimum - 28 yearsMaximum - 99 years
75 years (only Joint Life Cover)
Premium Payment FrequencyAnnual and monthlyAnnual and monthly
Min Basic Sum AssuredRs.10 lakhRs.10 lakh

Payout Options offered by PNB MetLife Mera Term Plan

PNB MetLife Mera Term Plan offers four sum assured pay out options to select from either full lump sum payout, payout as lump sum + Regular monthly income, Payout as lump sum + Increasing Monthly Income and Payout as Lump sum + Regular Monthly Income till your child turns 21. The details are mentioned below:

  • Full lump sum payout : Offers your nominee the basic sum assured in lump sum as specified in the policy schedule in case of an uncertainty.

  • Lump sum + Regular Monthly Income Plan : Offers the nominee 50% of the basic sum assured in a lump sum form and the balance amount in level monthly installments for 10 years in case if an uncertainty.

  • Lump sum + Increasing Monthly Income: Offers the nominee 50% of the basic sum assured in a lump sum amount and an increasing monthly income for next 10 years @12% per annum.

  • Lump sum + Regular Monthly Income till child turns 21 : This option shall only be available to policyholders with child age less than or equal to 15 years.

Offers lump sum payout equal to 50% of sum assured in the event of a claim plus regular monthly income till your child turns 21 years.

Riders offered by PNB MetLife Mera Term Plan

Riders enhance your basic term insurance plan at an affordable price. The riders available under this plan are mentioned below.

1. MetLife Critical Illness Rider

  • This plan offers a lump sum amount equivalent to the sum insured, in case the life insured survives for 30 days after getting diagnosed with any of the 2 critical illnesses mentioned in the policy document First Heart Attack – Of Specified Severity or Cancer of Specified Severity.
  • Once the rider sum assured is paid or the completion of the rider policy term which ever happens earlier, the rider automatically would terminate.
  • Offers additional protection against cancer and heart attack.
  • Offers protection with additional cover under the base insurance policy.
  • Offers flexibility to choose sum assured to meet different needs.

Offers payouts of the critical illness sum assured on the first diagnosis of any critical illness.

2. MetLife Accidental Death Benefit

The features of this plan are mentioned below:

  • The minimum entry age is 18 years and maximum entry age is 65 years.
  • The maturity age is 70 years.
  • The policy term is 5 – 30 years.
  • In case of death due to an accident an additional amount is paid to the nominee.
  • Offers affordable premium at a very nominal rate.
  • Offers additional protection to coverage under the base policy.
  • Offers flexibility to choose the term of the rider and sum assured to meet different needs.
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

3. MetLife Accidental Disability Benefit Rider

The features of this plan are mentioned below:

  • The minimum entry age is 18 years and maximum entry age is 65 years.
  • The maturity age is 75 years.
  • The policy term is 10 – 40 years.
  • Offers affordable premium at a very nominal rate.
  • Offers flexibility to choose sum assured to meet different needs in life.
  • Offers flexibility to opt for this rider during the policy issuance or the policy anniversary under the base plan.
  • Offers the chosen accidental disability benefit, if the life insured meets with an accident resulting into impairments arising within 180 days from the date of the accident.
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

4. MetLife Serious Illness Rider

The features of this plan are mentioned below:

  • The minimum entry age is 18 years and maximum entry age is 65 years.
  • The maturity age is 70 years.
  • The policy term is 5 – 30 years.
  • Offers affordable premium at a very nominal rate.
  • Offers flexibility to choose the term of the rider and sum assured to meet different needs.
  • Offers protection by providing additional health cover under the base policy.
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

Other Details of PNB MetLife Mera Term Plan

Some of the important details with regards to PNB MetLife Mera Term Plan are mentioned below:

Surrender value: You may surrender your PNB MetLife Mera Term Plan anytime and get the below surrender benefits:

  • This plan doesn't offer any surrender value.

Grace period : Grace period is nothing but the time offered to you to make the premium payments post the due date.

  • This plan offers a grace period of 30 days in case of yearly payment frequencies starting from the premium due date.
  • 15 days of grace period is offered if the premium payment frequency is monthly.

Tax benefits: The below tax benefits are offered under the PNB MetLife Mera Term plan:

  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

Free look cancellation : This plan offers you the liberty to cancel the plan within 30 days of the receipt of the policy documents, in case you aren't happy with the terms and conditions of the plan and wish to cancel the same.

PNB MetLife Mera Term Plan Exclusions

A term plan doesn't cover anything and everything. The exclusion list under the PNB MetLife Mera Term Plan is mentioned below. The claims would not be admitted under the below exclusions:

  • Suicide- If the insured commits suicide within the first year of the plan, then 80% of the premium paid till date is given to the nominee.

PNB MetLife Mera Term Plan Review

PNB MetLife Mera Term Insurance offers a wide-ranging term coverage that takes care of your overheads associated with liabilities and offers you peace of mind by making arrangements for a financially secured life for your loved ones. The variety of riders offered by the term insurance plans would enhance your insurance policies at a very minimal rate. This is the reason PNB MetLife Mera Term Plan is the most recommended product.

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